By Serene Cheong and Sharon Cho (Bloomberg) --Oil refiners hoping for some fourth-quarter gravy are facing disappointment as surging freight rates inflate the cost of buying crude. U.S. sanctions on Chinese shipping companies and Friday’s attack on an Iranian tanker have turbo-charged transport costs, with rates on the Persian Gulf to China route at almost six times this … [Read more...]
Oil Nears Two-Month Low on Deepening U.S.-China Trade Crisis
By Sheela Tobben and Jacquelyn Melinek (Bloomberg) --Oil declined near a two-month low on fading prospects for a resolution to the protracted U.S.-China trade dispute. Futures fell as much as 1.8% in New York on Tuesday. In the latest salvo of the long-running trade war between the world’s largest economies, U.S. officials are discussing restricting capital flows into China. … [Read more...]
Houthi Drone Attack Hits the Heart of Saudi Arabia’s Oil Industry
By Stephen Kalin, Rania El Gamal and Dmitry Zhdannikov RIYADH/DUBAI/LONDON, Sept 14 (Reuters) - Yemen's Iran-aligned Houthi group on Saturday attacked two plants at the heart of Saudi Arabia's oil industry, including the world's biggest petroleum processing facility, in a strike that three sources said had disrupted output and exports. Two sources close to the matter said 5 … [Read more...]
The Giant Soviet Pipeline System That’s Full of Tainted Crude
By Julian Lee (Bloomberg) -- Russia’s giant Soviet-era oil pipeline is a vital piece of Europe’s energy infrastructure, carrying crude to refineries across the region. This week it’s been hit by probably the biggest crisis in its 55-year history: both branches of the Druzhba pipeline have been closed due to the presence of contaminated crude oil that can cause serious … [Read more...]
U.S. Gulf Gets Least Crude in Decades as Iraqi Imports Dive
By Sheela Tobben (Bloomberg) -- The U.S. Gulf Coast imported the least amount of crude in nearly three decades as shipments from Iraq plummeted and congestion lingered on a critical waterway weeks after a blaze and chemical spill at the Intercontinental Terminals Co. tank farm. The Gulf Coast took just 1.4 million barrels a day of crude last week as Iraqi oil imports fell to … [Read more...]